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Zurich/Switzerland, February 26, 2003 – Barry Callebaut AG,
the world’s leading manufacturer of cocoa and chocolate products,
today announced that through a subsidiary it is proposing to make
an offering of senior subordinated notes of approximately EUR150
million. The proceeds will be used to refinance existing senior
indebtedness.

The notes will mature in 2010 and will be guaranteed by Barry
Callebaut AG and certain subsidiaries.

This announcement is not an offer for sale of securities in the
United States. The notes referred to herein may not be sold in the
United States absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended. The issuer does
not intend to register any portion of the offering of the notes in
the United States or to conduct a public offering of the notes in
the United States. Any offer of the notes to be made in the United
States will be made only by means of an offering memorandum, which
will contain detailed information about the issuer and Barry
Callebaut and its management and financial statements.

In connection with the offering of the notes, the underwriter
thesefor may engage in transactions that stabilize, maintain or
otherwise affect the price of the notes in accordance with the
price stabilizing rules of the financial services authority.

With annual sales of CHF 2.6 billion for fiscal year
2001/02, Barry Callebaut is the world’s leading manufacturer of
high-quality cocoa and chocolate products. Barry Callebaut operates
some 30 production facilities in 16 countries and employs
approximately 7,000 people. The company is organized into four
strategic business units: Cocoa, Sourcing & Risk Management,
Food Manufacturers, Gourmet & Specialties and Consumer
Products.

The company’s customers range from industrial
processors, such as the world famous branded consumer goods
manufacturers who produce chocolate, confectionery, biscuits, dairy
products, ice cream and breakfast cereals incorporating Barry
Callebaut’s products, to artisanal users, including hotels,
gastronomy, chocolate makers, pastry chefs and bakers, to partners
in the food retailing industry for whom the Barry Callebaut Group
produces branded, customer label and other consumer products. Barry
Callebaut also provides a comprehensive range of services in the
fields of product development, processing, training and
marketing.

The holding company, Barry Callebaut AG, has been listed
on the SWX Swiss Exchange since June 1998 (ticker symbol BARN). The
fully paid-up share capital amounts to CHF 517 million, divided
into registered shares with a nominal value of CHF 100
each.